The UK and Malaysia have held the inaugural ministerial-led Joint Economic and Trade Committee (JETCO) meeting which Minister for Trade Policy and Economic Security, Douglas Alexander, described as a clear signal of the deepening of an already strong trade relationship between the two.
Total trade in goods and services between the UK and Malaysia was £5.7 billion in the four quarters to the end of the second quarter (Q2) of 2024, meaning that Malaysia was the UK’s 44th largest trading partner.
In particular, Ministers welcomed the first free trade agreement (FTA) between the UK and Malaysia, achieved through the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which entered into force on 15 December 2024.
The two sides have now agreed to establish an Agriculture, Food and Drink Working Group which will seek to tackle barriers to trade, encourage policy exchange and identify potential areas for collaboration.
In addition, they will work towards deepening co-operation between legal sectors and explore opportunities to strengthen bilateral legal services trade according to internationally recognised principles.
Through the Education Working Group, the UK and Malaysia will co-operate on transnational education and continue exploration of degree apprenticeships, student mobility and skills, and teacher training including International Qualified Teacher Status (iQTS).
With a view to strengthening regulatory co-operation and reducing technical barriers to trade, facilitating market access between the UK and Malaysia, they will in the near future agree the Terms of Reference for a Standards and Conformity Assessment Working Group.
Finally, they will continue to collaborate on policies to support micro, small and medium-sized enterprises (MSMEs) through the MSME Working Group (MSMEWG).
